OHT ASA (OB:OHT) agreed to acquire 28% stake in Renewables Business from Subsea 7 S.A. (OB:SUBC) on July 8, 2021. Post acquisition, the Renewables Business will be combined with OHT ASA (OB:OHT) to form a new company Seaway 7 ASA and will initially retain OHT's listing on Oslo's Euronext Growth market, with a view to a future listing on the main board of Oslo Børs. Subsea 7 will own 72% and OHT's shareholders 28% of Seaway 7 ASA.

The transaction is subject to customary approvals, conditions and relevant employee consultations and approval by the shareholders of OHT at an extraordinary general meeting. The Board of Directors of OHT has agreed to recommend the transaction to its shareholders. Songa Corp and Lotus Marine AS, with stakes of 51.1% and 25.6% respectively, have agreed to approve the transaction.

Approval by Subsea 7's shareholders is not required. Transaction completion is anticipated by the end of the third quarter of 2021.